Lighthouse Lending

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FAQ:

Q: How long will it take to close my loan?
A: Typically the loan process will last between 1 to 4 weeks depending on the conditions of the application.

Q: Who has to pay for the closing cost?
A: If you are buying a home you are required to pay for the costs unless the seller is willing to help. If you are refinancing, the costs will be included in the loan amount.

Q: Will I be able to qualify if I have had late payments or a bankruptcy?
A: Lighthouse Lending, Inc. has access to hundreds of loan programs to fit most any credit situation, good or bad.

Q: Can I get pre-approved before I find a home?
A: Absolutely, we recommend getting pre-approved so that you know exactly what you can afford and that you are comfortable with the payment and terms of your loan.

Q: Do I have to escrow for taxes and insurance?
A: In most cases it is an option to escrow for your taxes and insurance, but some loan programs will require it to be done.

Q: How many people will I be working with during the loan process?
A: In most cases you will only be dealing with two people, your loan officer and their processor.

Q: Will I have to miss work to close my loan?
A: No, we will schedule your loan to close at your convenience.

Q: What is the difference between a mortgage broker and a bank?
A: Mortgage brokers do not actually lend you the money, they find the best lender programs to fit the borrower's situation based on application and credit profile. Brokers deal in the wholesale market so they can offer better rates and programs. Banks deal in the retail market which typically contains higher rates and a smaller selection of loan programs.

Q: Will I have to pay an application fee?
A: No, Lighthouse Lending, Inc. does not charge and application fee.

Q: Do I have to have an appointment to apply for a loan?
A: No, most of our preliminary work can be done over the phone. Once a loan has been created, you will be required to come in with the necessary documentation for a review and finalization of your loan program. Lighthouse Lending, Inc. also offers "in home appointments."